Cloudflare, Inc. (NYSE:NET) Receives $87.50 Consensus Price Target from Brokerages

Cloudflare, Inc. (NYSE:NET) has received an average recommendation of “Hold” from the twenty-two analysts that are currently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $87.08.

Several research analysts have recently commented on the stock. Capital One Financial assumed coverage on shares of Cloudflare in a report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of Cloudflare from $53.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, February 9th. Needham & Company LLC raised their target price on shares of Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, February 9th. KeyCorp raised their target price on shares of Cloudflare from $94.00 to $132.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. Finally, Morgan Stanley raised their target price on shares of Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a report on Monday, February 12th.

Cloudflare Trading Down 1.5 %

Shares of NET stock opened at $86.71 on Friday. The firm has a 50 day moving average price of $96.86 and a two-hundred day moving average price of $81.63. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. The company has a market capitalization of $29.28 billion, a PE ratio of -157.65 and a beta of 1.12. Cloudflare has a 12-month low of $39.90 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. As a group, analysts predict that Cloudflare will post -0.2 earnings per share for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 66,384 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $86.88, for a total value of $5,767,441.92. Following the sale, the director now owns 1,472,932 shares in the company, valued at $127,968,332.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $79.60, for a total transaction of $238,800.00. Following the transaction, the insider now owns 216,114 shares in the company, valued at $17,202,674.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Carl Ledbetter sold 66,384 shares of Cloudflare stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $86.88, for a total transaction of $5,767,441.92. Following the transaction, the director now owns 1,472,932 shares in the company, valued at approximately $127,968,332.16. The disclosure for this sale can be found here. Insiders have sold 1,095,707 shares of company stock worth $106,154,633 over the last quarter. Corporate insiders own 14.80% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds have recently modified their holdings of NET. PNC Financial Services Group Inc. lifted its holdings in shares of Cloudflare by 48.6% during the first quarter. PNC Financial Services Group Inc. now owns 8,903 shares of the company’s stock worth $1,066,000 after purchasing an additional 2,912 shares during the period. MetLife Investment Management LLC acquired a new position in shares of Cloudflare during the first quarter worth $1,950,000. Synovus Financial Corp acquired a new position in Cloudflare in the first quarter valued at $439,000. Cibc World Market Inc. lifted its holdings in Cloudflare by 16.8% in the first quarter. Cibc World Market Inc. now owns 21,811 shares of the company’s stock valued at $2,611,000 after buying an additional 3,140 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Cloudflare by 10.8% in the first quarter. Dimensional Fund Advisors LP now owns 181,514 shares of the company’s stock valued at $21,732,000 after buying an additional 17,681 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

About Cloudflare

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.